Americas volumes robust

The Americas region as a whole had a solid quarter with only a 6% drop compared to the same period last year, with only Brazil recording a decline after a very strong Q1 2011. Canada enjoyed a 40% increase quarter on quarter and a 52% increase year on year while the US commercial property market saw a 15% increase on Q1 2011.

Within Asia Pacific Japan had another strong quarter on the back of a good finish to 2011. Overall volumes rose by 3% with a major contribution coming from Asian overseas buyers, particularly in the logistics sector which we mentioned earlier in the report (Figure 10). Hong Kong was the only other major market in Asia Pacific to see a rise in transactional activity quarter on quarter. Australia recovered on a yearly basis almost doubling volumes from a year ago, while Chinese commercial property transactions fell on a quarterly and annual basis.

In Europe the major markets all had a softer start to the year with Germany and the UK down between 20-30% quarter on quarter, mirroring the overall continent wide decline. France witnessed a more dramatic change quarter on quarter as favourable tax arrangements expired at the end of 2011. Such was the level of activity in France in the fourth quarter that Paris actually came out as the most active city globally in the final quarter of the year. Most markets across Europe recorded lower volumes quarter on quarter and year on year.

London reclaims top spot from Paris

London has again moved back to the top of our list as the most active city globally in the first quarter of 2012 (Figure 11). It has been helped once again by a large number of cross border transactions with capital from the Middle East and Asia Pacific prominent. Oslo has made it into the top ten after the $800 million domestic sale and purchase of the DNB HQ significantly increased overall volumes.